1962 Ferrari 250 GTO could fetch  million at auction
1962 Ferrari 250 GTO could fetch  million at auction

While used car prices are high these days, the inflation rate of a bright red 1962 Ferrari 250 GTO Tenders this November Might just take the cake.

Of course, this is no ordinary sports car. It was one of only two cars entered by Ferrari’s own team in the 1962 Le Mans Championship before it was sold. When it was first sold in 1964, it sold for around $6,000. When the auction closes on November 13, it could easily fetch $60 million, maybe a little more.

Courtesy of RMS Sotheby’s

The 250 GTO hasn’t been on sale since 2018, when the 1962 model cost $48.4 million, according to wall street journal. (Only 34 cars were built.) This particular car has sat in the current owner’s garage for 38 years, making occasional show appearances and regularly winning Best in Show awards.

But before that, it had quite a history. In addition to Le Mans, it also finished second overall in the 1962 Nürburgring 1,000 km race. It was runner-up at the 1965 Sicilian Hillclimbing Championships. Its previous owner was a chairman of the Ferrari Club of America.

Courtesy of RMS Sotheby’s

Ferraris are always popular items at car auctions, but the rarity of this particular vehicle is expected to make it especially popular with collectors. The owner, Jim Jaeger from Ohio, hadn’t considered selling it until recently.

One thing that might have changed his mind was the record price set last May, when Sotheby’s bought a 1955 Mercedes-Benz 300 SLR Uhlenhaut Coupe for $142.9 million. This is the highest amount ever paid for a car at auction.

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